Household debts significantly under-reported in surveys: NY Fed paper
A New York Federal Reserve paper published on Monday finds credit card debt implied by consumer surveys reports is less than 50% of debts reported by official estimates.
Meta Brown, Andrew Haughwout, Donghoon Lee and Wilbert van der Klaauw, the paper's authors, compare household debt as reported by borrowers to the Survey of Consumer Finances (SCF), generally cited as the leading source of wealth data for the US, with household debt as reported by lenders to Equifax, a consumer credit reporting
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